Organigram brought in $66.8 million in gross revenue in the three months ended December 31, 2024 (Q1 2025), with net revenue of $42.7 million but still a $23 million net loss.

Net revenue increased $6.3 million for the company (17%) year-over-year, while net loss increased $7.2 million (46%). With increased sales, Organigram’s excise obligations also increased, from $19.8 million in Q1 2024 to nearly $24.1 million in Q1 2025, which was about 36% of Organigram’s gross revenue.

Organigram says its year-over-year loss increase was primarily due to a “higher fair value loss recognized in relation to top-up rights of BAT, which was partially offset by an increase in gross margin and fair value gain on other financial assets.”

The company attributed most of its 17% year-over-year increase in net revenue in Q1 2025 to an increase in recreational cannabis sales and international sales, as well as contributions from Motif sales. Organigram acquired Motif in December 2025.

The Company’s CFO says they expect even more positive news from the Motif acquisition in their Q2 2025 report later this year. 

“Organigram’s year-over-year performance highlights the long-term benefits of our investments in efficiency, disciplined capital deployment, and market-leading research and innovation,” said Greg Guyatt, Organigram’s CFO. 

“With one of the strongest balance sheets in the industry, we look forward to showcasing the full impact of our consolidated Organigram-Motif earnings in Q2. In addition, the anticipated $41.5 million final BAT follow-on investment tranche, which is expected to close in late February, further strengthens our balance sheet and fuels our international expansion goals.”  

Organigram brought in $62.6 million in sales through recreational wholesale sales in Canada in Q1 2025, primarily to provincial boards or directly to large retailers. This was up from $54.2 million in Q1 2024. 

The company’s direct-to-patient medical and medical wholesale revenue in Canada remained relatively level year-over-year, reporting just $496,000 in Q1 2025, up from $446,000 in Q1 2024. 

Organigram also saw an increase in its international wholesale business, with $3.3 million in sales, up from $1 million in the three months ended December 31, 2024.

The Moncton-based producer also saw a decline in its B2B sales within Canada, from $547,000 in Q1 2024 to $346,000 in Q1 2025. 

Organigram expects its supply agreement with Sanity Group, announced in June 2024, to further increase sales in Germany in 2025. The company’s international sales could also be further enhanced by its potential EU-GMP certification of Organigram’s Moncton Campus.

The company anticipates increasing its flower output by approximately 12,000 kilograms annually through expansion initiatives in fiscal 2025 and fiscal 2026 to address what it sees as a growing demand from international markets.

In addition to Germany, Organigram sells products in Australia, the UK, and Israel. The company is one of several Canadian cannabis businesses named in an Israeli investigation looking at accusations of product dumping that is expected to be resolved in 2025. 

Organigram’s international expansion is also possible because of the $124.6 million follow-on funding from British American Tobacco (BAT) in early 2025. Of this, $83 million of conditional funding is earmarked for the two companies’ Jupiter Pool investment fund. 

In 2021, Organigram Holdings Inc. announced a C$221 million strategic investment from a wholly-owned subsidiary of BAT. The deal has continued to evolve over the years. 

Organigram operates its flagship Moncton, New Brunswick campus, its edibles facility in Winnipeg, its flower cultivation and hash production facility in Lac-Supérieur, Québec, and its London and Aylmer facilities in Ontario which it acquired in its recent Motif deal.

The Aylmer facility houses CO2 and hydrocarbon extraction capabilities and is optimized for formulation refinement and post-processing of minor cannabinoids, as well as pre-roll production. Organigram plans to upgrade the London facility for labelling, packaging, and national fulfilment.

Featured image from inside Organigram’s Moncton facility via Organigram

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